City dreams dashed by rental scam by agents

 

No room to let: Some of the victims of the rental scams claim they paid between RM700 and RM2,000 to property ‘agents’.

PETALING JAYA: Many young people aspire to relocate to bustling cities, with securing a cosy residence being their foremost concern.

A 23-year-old man, having moved to Kuala Lumpur for work from Sarawak, received an unfortunate surprise upon discovering that the room he intended to rent at a condominium in the capital city was nonexistent.

Heshlee, as he wished to be known, transferred more than RM1,500 to a purported house property “agent,” unaware that he had fallen victim to a scam.

He took to social media to express his frustration over the matter, while also admitting that he made a mistake by not conducting due diligence before making the transaction.

“I dealt with the individual virtually, and I never met the person because I was in Kuching due to work. I did not view the unit, which I admit was a mistake on my part.

ALSO READ : Man loses over RM900k in online investment con

“I trusted the person because the alleged documentation prepared by the agent looked believable, complete with an ‘official email address’,” he said.

While recounting his story to The Star, Heshlee said he began to have doubts when he was unable to contact the agent on the day he was scheduled to move in earlier this month.

He said he waited at the condominium, near Kerinchi, for about three hours before deciding to find a short-term rental through Airbnb and accepted the fact that he had lost his money.

“By nightfall, I realized I had fallen victim to a scam. I honestly thought the agent was in a road accident or had an emergency, making him uncontactable,” he said.

When sharing his personal anecdote on social media, he learnt that he was not the only victim of the scam, which targeted those looking for a room in the condominium.

He claimed that he was contacted by a few people who told him that they had been scammed using the same method.

Heshlee shared a message from another victim, who reported being scammed as well and suspected that it was the same individual operating under various identities.

After receiving some advice, Heshlee proceeded to file a police report and informed his bank about the transaction he made.

However, he has yet to receive any updates. Heshlee, however, remains hopeful that the scammer will be caught.

“I don’t want anyone else, especially young people and students from distant hometowns, to fall for this scammer’s deception.

“Some, I was told, even cried at the management office due to similar cases. I hope justice will prevail,” he added.

The Star conducted checks on a Facebook group and discovered several others who shared similar experiences.

Some users paid between RM700 and RM2,000 only to be left in the dark by the “agents” after payments were made.

The management of the condominium in question, when contacted, confirmed that it had received enquiries from several people asking about the “agents”.

“We did receive complaints from some of the scam victims. But we urge them to report it to the police immediately,” said a man, who only wanted to speak on condition of anonymity.

The man, who manages the joint-management body of the condominium, said that they have tried to identify the purported “agents” and “landlords” by name but to no avail.

“We are not able to identify who they are. We can only advise the victims to report the incident to the authorities,” said the man.

He said that the management is always ready to cooperate with the police to weed out these scammers.

“This is not good for our image as well, and we look forward to working with the police on this issue,” he added.

He also urged the public to conduct due diligence before making any payments or signing any agreements with any party, particularly in property rental matters.

“Please check thoroughly before proceeding with any payment, and check with the property owner’s management for advice,” he adde

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US export restrictions strengthen China’s resolve for innovation

US  claws at China's chip industry fanning flames on tech confrontation. Cartoon: Carlos Latuff

Despite the challenges posed by the US-led technological blockade and various forms of international pressure, confidence in China's semiconductor industry has markedly strengthened, driven by encouraging developments and substantial policy support.

The CSI Semiconductor Index surged to a gain of 6.84 percent on Monday, touching the highest level since December 2021, while the CSI Integrated Circuits Index's gain stood at one point at 5.44 percent on Monday.

The significant gains on Monday came right after the news over the weekend that the US Department of Commerce had sent a letter to TSMC imposing export restrictions on certain sophisticated chips - of 7-nanometer or more advanced designs - destined for Chinese mainland customers, the South China Morning Post reported. 

Surprisingly, the market's initial reaction far exceeded many analysts' expectations. Rather than exhibiting panic, investors responded with optimism, believing that this external pressure would serve as a catalyst for accelerating self-reliance and fostering independent innovation among Chinese mainland companies in the semiconductor sector. 

This positive market response reflects an affirmation of the progress made by China's semiconductor industry and also underscores the high expectations surrounding its potential for development across various dimensions, including but not limited to technological innovation as well as the optimization and upgrading of the industrial supply chain.

In recent years, the US has continuously stepped up export controls on advanced technology and relevant products to China, presenting significant challenges for the Chinese semiconductor industry. 

However, it is precisely in facing such adversity that Chinese semiconductor companies have demonstrated remarkable resilience and self-development capabilities. In the face of external pressures, the self-sufficiency rate of China's semiconductor industry has been steadily increasing. 

If anything, this trend indicates that China's position in the global semiconductor industry is gradually improving and reflects the acceleration of China's independent innovation and localization processes in the semiconductor field.

As the global semiconductor market is projected to exceed $1 trillion by 2030, the growth potential in the Chinese market is significant and cannot be ignored, offering substantial opportunities for independent innovation in China's semiconductor industry. 

While ramping up research and development (R&D) efforts and promoting domestic production, China's semiconductor industry is also accelerating its procurement of semiconductor equipment. According to the latest data from SEMI, China's spending on chip manufacturing equipment reached a record-breaking $25 billion in the first half of 2024, surpassing that of countries such as the US and South Korea. 

Amid a global economic slowdown, China is the only country where spending on chip manufacturing equipment continued to increase year-on-year in the first half of this year. The figures underscore the determination of the Chinese semiconductor industry to enhance its production capacity and technology.

While Chinese semiconductor companies have made notable strides in the low- to mid-end market, it is essential to acknowledge that significant challenges remain for breakthroughs in semiconductor technology. The heightened US export controls, although strengthening China's resolve to carry out independent innovation in the short term, present a substantial long-term challenge for the Chinese semiconductor industry - that is, achieving advancements in high-end technology.

For example, there remains a significant gap between China's technological capabilities and the world's most advanced lithography equipment. If breakthroughs in core semiconductor technologies, such as domestically produced lithography machines, do not materialize as anticipated, it could negatively affect the capacity expansion and production plans of domestic chip manufacturers.

The journey for Chinese semiconductor companies in the high-end sector remains long and arduous. On the one hand, there is a need to continue increasing R&D investment, focusing on breakthroughs in core technologies and enhancing self-controllable capabilities. This requires not only the efforts of the companies themselves but also support from the government, universities and research institutions. On the other hand, it is also necessary to strengthen international cooperation, participating in the development of the global semiconductor industry chain.

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Govt intervention won’t fix housing prices

 

■ Every adult should sensibly secure a home as everyone needs a roof over their head ■ Residential properties in prime locations undergoing ‘shrinkflation’, with sustained higher prices despite new units getting smaller

Greyscale low angle view of a highrise building with glass windows under sunlight

THE indirect discussion on multiple-home ownership between Housing and Local Government Minister Nga Kor Ming and former Cabinet member Khairy Jamaluddin over various media channels has ignited interest among Malaysians.

The latter wondered on his podcast Keluar Sekejap last week if limiting property purchases could help alleviate the crisis in affordable housing by addressing the surplus of unsold high-end homes that contribute to inflated prices.

Nga countered by dismissing the proposal, arguing it is not the government’s role to restrict investments in the real estate sector, which has proven to be an effective hedge against inflation and a means of wealth preservation.

He cautioned that such restrictions could harm the property sector and negatively impact some 200 industries connected to real estate, including contracting, plumbing, banking and legal services.

From a foreign perspective, if one were to speak to ordinary Hong Kong residents, it would come as no surprise to find that opinions are mixed on tycoon Li Ka-shing, the billionaire founder of CK Hutchison Holdings Ltd.

Although Li – whose name is synonymous with wealth in the former British colony – is a highly regarded businessperson, many in Hong Kong put the blame for the city’s exorbitant property prices on ultra-rich individuals like him, who made their fortunes by flipping properties in the densely populated region.

In fact, there is a local saying that goes:

“The houses in Hong

Kong are not meant to be inhabited.

They are meant to be ‘fried’ (slang for flipping at a higher price in Cantonese).”

This, of course, is in addition to the fact that most

Hong Kong residents live in high-rise units that can feel claustrophobic.

This may explain why many of them enjoy being out on the streets as long as possible, even into the early hours of the morning.

Back home, if one were to drive around our own cities of Kuala Lumpur, Petaling Jaya, Georgetown and Johor Baru, one can’t help but notice the significant number of high-rise residential buildings under construction.

This prompts one to ask a pressing question: Who is actually buying these units?

In addition, it is reasonable to wonder if property investment is truly so lucrative, what will happen to the prices of these high-rise accommodations in the future, especially in view of the government’s goal to encourage homeownership among the youth?

In fact, just a couple of months ago, before Khairy’s comments on his podcast, this writer – who has never advocated for socialist practices in any way – had wondered out loud to his spouse whether the government might need to step in and limit the “frying” of residential property prices.

So, is Malaysia heading in the same direction as Hong Kong?

At first glance, maybe not, but a deeper look may reveal a different story.

Reports in The Star earlier this week indicated that Malaysian residential properties in prime locations are undergoing “shrinkflation”, characterised by a sustained increase in property prices even though new units are getting smaller.

This trend places a heavier burden on buyers, especially on young Malaysians intending to buy their first home.

However, property prices and social responsibilities aside, it is easy to understand why investing in real estate is so attractive: for one, it is more tangible than stocks, bonds or mutual funds, and the thrill of monthly rental collection appeals to those seeking regular returns.

On the other hand, equities and bonds are much easier to liquidate, and there is significantly less legwork involved as members of the public do not normally run the companies whose shares they own, as opposed to property owners who bear the cost of maintaining their assets.

Furthermore, for those interested in steady income, there are blue-chip banking stocks that offer healthy dividend yields, often with lower upfront costs compared to real estate.

Seasoned investor Ian Yoong, whose portfolio regularly achieves a compounded annual growth rate of 23%, believes that Malaysian property prices have increased at a healthy rate over the past few decades.

He points out that restricting residential-property ownership could suppress prices, ultimately discouraging investment in the sector.

“Malaysia’s property market overhang improved slightly in the first half of 2024 (1H24) compared with 2H23, with the total number of unsold units falling by 12.3% and their aggregate value declining by 19.5%.

“The current property overhang itself will cap the rise of residential property prices over the next couple of years.

“The government should therefore not impose any limits on home ownership,” he tells Starbiz 7.

Yoong emphasises that the current property overhang will naturally limit the rise of residential property prices in the coming years.

He advises the government to refrain from imposing any restrictions on homeownership, as doing so could hinder market growth.

A cursory check supports Yoong’s claim, revealing that high-rise residential property prices in many areas of Kuala Lumpur and Petaling Jaya have stagnated compared with 15 to 20 years ago, when the property market was experiencing a boom.

This is despite the completion of both Mass Rapid Transit (MRT) lines 1 and 2 in recent years, which many investors felt could have improved prices, particularly in neighbourhoods near the MRT stations.

While it is understandable that Yoong would prefer to invest in equities given his success and the comparatively less field work, he strongly advises every Malaysian adult to obtain a home.

“Save for a down payment and apply for a bank loan to buy a residential property that is within your means. It matters little whether it is a lowcost flat or a terrace house.

“While this might not be the best investment strategy, it is a sensible move. Every adult needs a roof over their head,” he says.

Yoong says that the monthly loan repayment acts as a form of forced savings.

He stressed that in reality, not everyone is meant to be a successful investor, but almost everyone can be a property owner.

“Once home ownership is out of the way, one can then focus on investing surplus funds in shares, properties, cryptocurrencies and the like,” he advises.

KEITH HIEW keith.hsk@thestar.com.my

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